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Countdown to the Closing Bell

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U.s. 12, S&p 11, Liz 9, Cisco 7, Spiriva 6, Us 6, Apple 6, Sony 5, Russell 4, Steve 4, Jpmorgan 4, America 4, Citi 3, Copd 3, Jamie Dimon 3, Warren 3, Netflix 3, London 3, Google 3, Nicole 3,
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  FOX Business    Countdown to the Closing Bell    News/Business. Stock  
   market updates. New.  

    May 15, 2013
    3:00 - 4:01pm EDT  

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role. the stock after the complaint, should you be following his lead? we'll show you how to get in on this gig. losing more juice. how low can apple go as suppliers start to blame the company for their weak earnings? apple shares flashing red, but is that beacon a cell signal or screaming indicator to buy? we bring in both sides for a street fight. plus, would you relocate for a lower tax break? which cities have the lowest tax rate and why it might mean more jobs. "countdown to the closing bell" starts right now. >> i'm liz claman, the last hour of trading, but we have to back up to 40 minutes ago when the markets started to back off the climb that it experienced earlier today. we have the s&p just slightly
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above the flat line here, and -he nasdaq turned negative as well as the russell 2,000. the dow scales the mountain this morning, session highs up more than 86 points. you see it now, gains of just 13 appointments. we check around. traders believe investors may just be worried the rally is over as the s&p 500 finished at a record high again in ten of the last 11 sessions. again, we've seep this before, and it's not played out, but s&p 500 right now standing at 165 # 2. the nasdaq lower by five points now. investors nervous flocking to safety, two of the leading sectors today, defensive plays, utilities and consumer staples. %-of trouble because of themes dividends, but if there's truly a fear in the gut of the markets, where's the gold rush? gold futures today settling down 30 below as you see, 1400 an
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ounce, 1392 as the dollar is taking gold's place as the safe haven play, the dollar higher today. in fact, the euroa six week low against the dollar. shares up forward third day in a row. the countdown clock continues waiting to hear about the chairman, ceo's fate, hanging in the balance as shareholders are set to vote tuesday as to whether to strip him of the chairmanship title. what is the street saying, the people who live and breathe financial stocks, straight from the horse's mouth coming up in a fox business exclusive, top banking analyst tells us what he believes happens when dimo finds out the fate. student. transports, earlier, all-time high, and we've lost a lot of steam. getting toll floor show for what's happening.
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traders at the new york stock exchange an cme and imex watching every tick as well as nicole. let's goat to the traders. mark newton, okay, i was looking to see when, probably in the last hour you saw erosion here. what are you saying it is? >> off the highs, but tough to make it a reversal. there's a couple things, and one is the u.s. dollar has the biggest moves seen in the last few months, just in the last couple trading days which is significant. there's been a flock back to the defensive names and sectors like utilities and staples, not sexy, but working. there's a pullback and movement back into the defensive sectors. interest rates hit a temporary peak, rallying 160, 2%, and that's backing off a bit. there are signs that some of the economic numbers could start to have impacts.
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liz: gary, so spotty, you at the cme see at one minute everything mark says is correct, you see that, but it's on a day-to-day basis, and then things change, and we're healthy again. >> light volumes in the market, and what he was saying earlier, seeing the dollar at nine month highs right now. we had bad numbers out of europe this morning on the gdp. we didn't have strong numbers op the ppi and the others that came out this morning with it. we saw the dollar pull back, but then it shot back straight up. we saw the indexes doing the same thing with that. with that, we saw the flight to safety, going still, strong to the u.s. dollar. we saw gold pulling back, pulling back, got-under-par that key 1400 range, and, in fact, up to 13 # 89 and slowly coming back up. i don't see gold in the 1300 range very long. still, we have such light volume in the markets, it's not taking
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much to get them to bounce back and forth. liz: right, something about gold because as soon as you see last friday the fed was beginning to reveal its exit plan, it was not implemented, but gold responded negatively to that. the one-week picture that includes friday as well as monday. you look at all of this and say, okay, gold right now is a very touchy place to be. be careful there. what about oil? we see crude up a penny, luke, and continuing to see very healthy invenn story, 16 million barrels above a year ago. >> yeah, big inventory numbers, not in crude, but also in gasoline, and the market and energy under pressure, and then it came back so that was very surprising. there's a lot of volatility in the energy market, and part is counterintuitive. bad news is good news. bad news the economy's slowing,
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more stimulus. you see what's going on in japan, opened it up all the way there. there's no stopping it there. there's a lot of quantitative easing, and i think the market is volatile, and the volumes are light. that doesn't say a lot for the market so there's big gaps. every time there's a little news, goes up, back and forth, there's not a lot of volume to give it gravity. liz: i keep hearing that, volume thin, it is what it is to quote britney speers. thank you. don't fathom what's happening with the markets, we'll get you through it, but, again, well off session highs with the nasdaq negative, s&p, and russell slightly positive. we're going to watch ittclosely. individual names, netflix, op a tear, hovering around the highest level in two years, and, nicole, netflix is thee best performer of the entire year, but today, specifically, what's got engines revving?
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>> a lot going on, the cfo speaking at jpmorgan conference noting about the pricing, they don't plan on raising pricing, makes them weiry, arrested development is coming. also other things we're looking at here, there's no plans to sell ads, but they are popular on netflix, house of cards, madmen, the walking dead, the best performers. we heard how carl ichan made a billion dollars on paper at the highest point today, has a large stake in netflix, 10%, that's something else to watch, and netflix has been a stellar performer, up 160 #% this year. back to you. liz: oh, yeah, well, they will be quoted next because that's the day we're having. thank you, nicole. they are dancing to the music at google, not only as the stock hits a new high, but it's just announcing it's got the new music service at the developer's conference. adam is in the news room.
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i love to see competition in the space, fascinating. >> fascinating and heating up. apple has not launched the service, google out of the gun, up and running, launching today, a 30-day free trail and $9.99 a month. your favorite songs, and twistedded sister, we're not going to take it anymore, a heavy metal groupy, download that song from google or have the subscription and listen to stuff. if it's part of the record library entered into business deals, music groups, sony, music entertainment and warner music group for the idea competing with spotify and itunes, not launched its service yet, and pandora. the beauty of this kind of things, you and i, cds, load them, you don't have to buy the song anymore, just a subscription. they are off and running, shares at 9 # 05 a share, up $19 just today. pandora fell a bit because of
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the news, but google announced this. bottom line, 900 million devices worldwide. smart phones and tablets operating google's android operating system. liz: high of the day, $903.47. i want to check pandora, down just a about a berpt, not as bad as i thought it would be with another big entity entering the space. thank you very much, adam. i'm with counting yous and, you know, sure hot to handle now. ♪ little thing let me light your candle ♪ ♪ because i'm hard to handle closing bell ringing in 50 managers, do hedge fund managers represent the smart money? they are underperforming the s&p this year, but by following certain hedge fund brain yaks, our next guest is out performing the s&p. why not just put your money into his fund? he's going to make that case for
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you. we find out how he invests with only the smartest of the smart money. here's an important question for you, would you relocate to a new city based on how much the city makes you pay in taxes? we'll tell you which cities have the lowest tax rate coming up so you get to decide. ♪
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♪ liz: the power mover of the hour is a company called x1, a 3-d printing company, it is falling 13% after posting a bigger than expected loss in the first quarter. the company seeing increase in revenue, but higher operating expenses are impacting its bottom line. 3-d printers, don't count them out though. i just. one that can do the fax and the copy and the print. hedge funds underperformedded the market by a long shot. as well as the s&p 500, you pay guys to lose your money? the hedge index shows it's happening. it's only up 5% while the s&p 500 tripled those gains. should you follow the squeaky wheel or loud mouthed investors there? the alpha clone, founder and ceo
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running a fund where he aggregates the smartest of the smart money, and you do that. explain how. i found this fascinating. you found the loud mouth activist investors and buy what they buy; correct? >> we by a clone score, investors for every manager in the universe based on following disclosures over a long period of time. we continuously evaluate managers in the universe. there's 400 managers. we calculate that score every six months and pick managers with the highest clone score to go in the index tracked by the alpha etf. liz: names of the hedge funds you follow? >> well, we've got 400 managers in our -- liz: capital, the biggest names out there, fortress. >> right, anyone you can think of that's a brand name is in our fund. you know, activists are apropos
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the last week so we've followed people like relational like trian, icon, third point, any manager you can think of that is managing over a certain number of assets under management we track. liz: warren buffet is on the list sks right? >> right. >> he has a huge portfolio, over after the bell, 13f filings come out where these very people reveal what they bought and what they sold; right? >> that's correct. that's the data set we use. that's the public data source that we use in order to derive our clone scores. we have the data set that goes back to 2000 across 400 managers of the filings so we basically clone strategies for every manager. we got about 300 hedge funds and a hundred institutional
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investors like warren buffet. liz: let me explain to the viewers, it's working. whatever you're doing, it's working, the clone similar bole up 17.5%. i find it interesting. sometimes, the loud mouths, to become real activists, they are thinking in the best interest of the company and what would move it. sony, the most recent example saying split off the entertainment part because lek tropics are not doing well. stocks shot up double digit percentages, down slightly, but, really, it's a company that's done terribly, in fact, and 90% down from the peak in market value. >> right. liz: you take kindly to the loud mouth investors who are trying to effect positive change. >> yes, exactly. i mean, we have an activist master strategy run inside separate accounts different from the alpha etf up 80% versus 60%
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since 2010. liz: stocks like apple, activist investors, david ei nhorn making a big deal, news corporation, yahoo, aig, semiconductor company. why? who is the loud mouth there? >> well, there are several managers that probably have a position. one of them made it into the index, therefore, that's why that company has made it. liz: do you think daniel will be successful in the push to have sony break off the entertainment chunk of the company? >> i spend, you know, a big church of the career working for an integrated media company, and i read dan lobes letter, hard to argue with the lomingic. you know, you hear entertainment companies talk about the synergies in between their
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divisions and the reality is is that the synergies are never really as actualized as people -- as people would like, so i think the challenge for mr. lobe though is that sony, the japanese company, the culture different from american companies, the decision making process is a lot slower, and they may not care as much about sort of outsider external pressures as american companies might. liz: all right, an idea for alpha clone fund, and it's working, up 17%, pulling out the loud mouthed activist investors, sees what they are doing, and clones that. good to see you. come back again. >> thank, liz, good to see you again. liz: remember, after the bell, all the 13f filings come out. we'll see what the loud mouth investors and hedge fund guys are doing. closing bell rings in 40 minutes. can you guess which city in the u.s. has the lowest tax rates, and then we take it a step
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further. would you consider throwing everything you own in a moving truck and moving there? we break it down after the break, and google gains today seems to be apple's loss. shares of apple sink again, but is all that red a buy or a sell signal? we was a street fight on apple coming up next. stay tuned. ♪ ♪ [ femalannouncer ] from more efficient payments. ♪ to more efficient pick-ups. ♪ wireless is limitless.
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[ female announcer ] from meeting custer needs... to meeting patienteeds... ♪ to wireless is mitless... liz: which u.s. cities do you think has the lowest tax rates? 24/7 wall street looks where a family of three out this pays least amount of its income, local and state income taxes. third place? houston. not a surprise it would be in texas. they have low taxes; right? the absence of any state income or local income tax. next?
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you want to go to alaska, there you go, the city just one of a handful where residents are not required to pay any sales tax. in addition, the auto tax burden is pretty much among the lowest of all in america, and the city with the lowest tax rates? chiian, wyoming, a family of three earning 150 # ,000 had a tax burden of just 3.1%, lower than any other city. we wanted to know would you pack up and move to shyian or anchorage for lower tax rates? tweet me @lizclaman. i know it's only wednesday, but let's get to apple shares, losing more steam on news google may catch up with the new music service. it's the stock a good buy now or should you toss that apple because it's going to go lower and lower?
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a street fight. our bull today, larry, the family multimedia trust associate portfolio manager, and our bear, david trainer, new construct ceo. battle it out, gentlemen. beginning with you, david, you called for a dramatic price target, and i was stunned to see this, but $240 # a share, that would be a 65% drop from the high that apple saw of more than 7 -- $700. let's be serious, what would take it that low, david? >> reality, the law of competition, reversion to the mean, and apple kane -- can't sustain, and when you lock at apple throughs lens of a normalized return on capital, even much higher than the averages, you're getting a stock price at 240-250, and i think that's what's reasonable for investors to expect. >> larry, complete opposite opinion, price target of $650, quoting the metric of return on
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invested capital. when you look at that, what do you have to say? >> liz, the math is hard. at 240, a billion shares, less than that, but that would put them in a market cap of 240 billion. they have 145 billion of net cash so the enterprise value is 95 billion. there's 57 billion currently of pretax cash flow. at that point, liz, dan lobe would not go to tokyo to talk to sony management, and all the boys would be over in talking to the apple board. second thing is if you look at the stock in that level, it yields more than the utility. the return on operating assets for apple is 70%. it's certainly going to go down, but the marginal cost of debt, marginal cost of apple is around 1%. all he has to do is invest over the marginal cost for capital
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and add value to the shareholder. they only invested $4 billion in the first quarter so it's basically a cash return story. they have the ability to borrow and buy stock in our calculations, a 2-to-1 leverage. the current program is 60 billion. liz: i hear exactly what you're saying. the numbers stack up, but when i look at some of this, and i get oh value apple is as the company. it's not that low, 240 a share, but david, you make an interesting point, and that is where is the revolutionary product that's going to get an investor excited? >> that's right. we don't have steve jobs anymore. look at apple before steve jobs, after steve jobs, and there's a huge difference. we're going to go back to the apple without steve jobs, and without a revolutionary product, you know, the profitability, the margins are not there anymore, and one thing i disagree about is, look, they have to do more
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than earn above is 1% cost of capital to create value per shareholders. the current stock price implies they own 124% return long term so they may needed to 1% to make money, but the stock price imply more than that. what i'm saying is that a stock price of 240 bucks implies return of invested capital of 50%, and i think that's reasonable. you know, the math stacks up. i have the model and everything needed to reverse engineer the calculations to test it. liz: david, you could be on the wrong path, and that is every kid in america is waiting for the iphone 5s, and when it comes whether it's weeks late, a month late, doesn't matter, people want to upgrade. they just do with apple products; right, larry? >> i think the real story on the products, liz, is in the third world. there's a billion one smart phones and republican
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forecasters hink it triples in the next five years. my idea is a low cost smart phone to take the market right now that's going to samsung. the chinese, there's 824 million registered users on a service, growing at 10%, a lot want iphones and the market will have a low cost phone. even if we don't, liz, all you have to do is see the 140145 # billion on the balance sheet at apple. if that gets used, the stock's going to go up, and it doesn't cost anything to buy the stock. the cost of debt is less than what they pay. liz: they bought a fingerprint technology company to incorporate into the iphone. david, talk about, should i even talk about apple tv? i'm so bored waiting for this thing. there is one it ration of it. didn't do anything. i have it.
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i don't know. i don't get it. it's been four years since people talked about this. could it be a game changer? they could be swinging? >> i don't see any apple tv thing revolutionary enough to jeff current evaluations. we're talking about an evolutionary product opposed to revolutionary product, and by "revolutionary," i mean, a hundred years out of the future like the iphone. liz: yes or no on apple tv, coming soon in >> it's the tablet, liz, and these things obsolete. i got a new one weeks ago because the first generation is so obsolete. they obsolete in three years and cash flow goes with recurring revenue, there's games for them, just a lot of ways the company wins. financially, operationally, and it's cheap against the market right now. great brand image. liz: david started, larry ends. thawfng so much, larry had a
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verb for obsolete. it obsoleted. mine did too. thank you so much. see you next time, larry, and david, new construct ceo. closing bell, we're about 28 minutes from that. wail street expecting a tough quarter for cisco. reporting after the bell. we're going to tell you what analysts are looking for from the technology, coming up. jamie dimon's fate rests in the hands of shareholders next week who vote as to whether to strip him of the chairmanship title, both ceo and chairman, and several analysts told fox business if he loses the vote, he'll quit. the top analyst in the pile? we are joined by me and charlie in a fox business exclusive, he believes he knows what diamond will do if he loses that title. i'm so glad you called. thank you.
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here's your temporary card. welcome back. how was london? [ female announcer ] when people talk, great things happen. ♪ >> this is your fox business brief. since the turn of the century, the global cost of natural disaster reached $2.5 trillion, according to the u.n. national strategy for disaster risk reduction. the u.n. report shows the figure is much higher than previously thought and only represents direct losses. investors will be watching what stock moves warren buffet made in filing the quarterly update op the u.s. stock portfolio. the filing expected today and which u.s. stocks was held at the end of the march. berkshire has $49 billion cash on hand and owns more than 80 companies. the number of americans filing mortgage applications fell last week, the first decline in more than a month. according to the banker's
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association, mortgage activity dropped more than 7%. now we continue to "the countdown to the closing bell" with liz claman. liz: financial stocks kicking off today. nicole on the floor of the new york stock exchange with details to start. >> liz, worth looking at the financials hitting annual highs. there's names like bank of america, j pmorgan, citi group, morgan stanley, hitting highs today, we may see the s&p 500 closing with a record close, nine out of ten trading days, a new all time high. let's talk about the fact that the financials over the last 52 weeks, liz, have done incredibly well, names like bank of america, for example, up over 83%, like citi group, also up 80% there over 52 weeks there. a lot of the folks at home, maybe they don't own just citi group, but with a big fund, they will have the big names in
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there. so far, so good with the financials. back to you. liz: thank you, nicole. we talked about the upcoming vote on whether the head of jpmorgan gets to keep both the ceo and chairmanship roles, and what dimon is likely to do if the board decides they can't have it and they split the job. charlie has been talking to a bunch of people on wall street and we're joined by the top banking analyst. talk about what you think is going to happen in just about five and a half days when this goes up for a shareholder vote. >> well, i actually think he's going to survive. i think the vote could be something like 55-45 #% in his favor, but i don't think he's going to be put in a position where he's going to have to decide to leave the company or stay. if he loses the vote, though, i really do think he will leave because it's now become a bode of confidence on jamie dimon
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rather than anything to do with corporate governance. >> i read the note put out this morning about the situation. one of the things you come to the cop collusion is there's a lot of nonsense whether to split the vote, yes, jpmorgan, like any big bank, alleged scandals, big bank stuff happens, but this is more about politics you basically said. more about kind of silencing dimon who has been a critic of regulation, and the obama administration's regulation of banks. can you unpack that a little bit? >> you know, for one side, it's amazing that this issue exists because there are, you know, there's only three companies in the united states that make more money than jpmorgan, and at bank one, the predecessor company, took it from half a billion a year to over 4 billion in profits per year, and, of course, at jpmorgan, it was a company in a great deal of
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difficulty taking it over because it was so immeshed in dot-com problems to the biggest bang in the united states, the biggest profits in the world other than the big chinese bank so you wonder why go after this guy? i think the answer's got to be his big mouth, if you will. >> right, right, jamie, that should be the banner right there, the mouth getting him in trouble. let me play devil's advocate with you. the government would say people in the attorney general from new york, the attorney general from california would say, you know, there's a lot of regulatory issues with jamie dimon and jpmorgan and recently, the london wale taken out, credit card problems, money laundering, you name it, it's there. that's happening at jp morgan. aren't there real problems at this bank? >> well, absolutely. i mean, you know, the bank's got 250,000 employees. as they say, well over $2
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trillion in assets, and to assume everything goes at that bank smoothly would go that way i think is poly anish. i think, however, to assume that all of the sudden eight agencies of the united states government statement plus a bunch of state and agencies are going to sue it at the same time suggest, i think, concerted actions by someone, say, go after the bank. >> right. this is where i think you are on strong ground. i pined about this in the "new york post" and fox business, in context, it's not that great considering all the regulatory scrutiny of him. one of the best things i think you put in the note today, which i thought was fascinating, a great point, only 27 million of the 3 #.78 billion in shares that's outstanding of jp morgan is owned by management. the rest of the shares owned by the public. in effect, the obama administration, eric sniderman,
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hairing's, all -- harris, all the left wing groups, pension funds, unions go after average americans, getting crushed as jpmorgan shares are crushed amid the attention. that, to me, is an amazing statistic, dick. >> that's right, charlie. think, if someone did something wrong at jpmorgan, put them in jail. that's the fair thing to do, but they don't do that. they go after the shareholders, and the shareholders are the american public, and, therefore, they penalize the american public. liz: dick, it's a three-year chart, nobody looks penalized. the stock performed beautifully. >> that's a three-year chart. look at over the last couple weeks. liz: the couple -- >> look at the last three months. >> what happens when you start to see, if he loses the chairmanship job, do they take fewer risks and therefore a lot of people don't want bank to take risks, but perform less well? it's done well over the past
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year, and if he gets angry and stocks off, who runs this bank? >> well, i think you make two points there that are interesting. i think that jpmorgan actually is less risky than the average bank over the last five years in the country because it didn't go under, but bought washington mutual, bear sterns, paid back the t.a.r.p. money with a bbg profit. it did not go under. the earning at record levels so the risk proved to be extraordinary low. if he leaves, there's two people, matt, who i think most investors like, the guy is phenomenally good. mike, i mean, on that vain, would be the two, i think, leading candidates to replace him. >> dick, a last question here, running out of time. something comes down at the board meeting. even if he retains -- we have to report yesterday, first to
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report he was thinking of stepping down, they think he wins the vote, but i get the feeling, my gut says if he wins the vote, something significant from a corporate management is going to happen at this meeting tuesday. do you sense any of that? >> yeah, no, i think you're right. i think that when you start attacking board members, they start thinking a lot more closely about what is going on in the country. >> dick, what do you think it's going to be? that's the 64,000 dollar question. >> i think you might lose the three board members under attack here. my guess, also, is within six months there's a change of corporate governance. liz: we'll call on you in a couple days when it's close. thank you so much. >> thank you. liz: closing bell ringing in 14 minutes, and thanks to ccarlie breaking the story on this one. next guest is all-in. that's a lot because he has 184 billion in assets under
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management. find out where he is putting all the the money. you'll be interested in this one. that's next. ♪ ♪
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liz: at the top of the hour, the markets were losing steam, check it out. they have gaped it back. not all of it because of the highs of the session, we were up more than 80 points, but dower jones up 58. the russell, negative, as well as the nasdaq, but now both back in the green at the moment. big stock, the dow stock, cisco, the third quarter earnings for cisco systems minutes away. shares of the stock moving down just a penny. big deal, at 2125, the intra-day picture, choppy, advanced shares up 8% so far this year.
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analyst expect earnings of 489 cents a share on revenue of 12.18 billion. wall street is already anticipating a bit of a tougher period, at least seven brokers reduced revenue forecasts for cisco since the first of the month. gearing up, they question whether we might see as strong revenues as people originally anticipated for the quarter. tomorrow, after a full day of trading, cisco's ceo and chairman, john chambers, joining us live on "countdown to the closing bell" as it matters most with the markets closing. full coverage of the cisco's earnings report in a few minutes. it is a huge day for the markets. 174 stocks in the s&p hitting 52-week highs. he's the record highs, walt disney viacom, and onc up half a percent, but that is a great high there. health care reti ect., and the next guest is all in, fining returns, though in s
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places. doug, ing investment management u.s. chief market strategist live from hartford, connecticut. okay, less obvious plays, let's go, where? >> well, all in, i mean fully allocated between equities and fixed income. there's a biforcation of the markets. the ecstasy market -- equity markets say one thing, and bonds another. there's good earnings growth, housing market, support by the fed in other central banks, but look at in a healthy market, bonds yields go up in the same direction as market prices, equity prices, but it's not, bond yields go down, it's a sign of growth challenges, not only in the u.s.. today, all bad fundamental numbers. bad industrial production, had bad empire state, had bad wholesale price innreases issue and out of europe, france
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officially in recession, spain and italy contracting, and so the equity market says things are all good. the bond market, based on yields, saying things are all bad. liz: therefore, where's the less obvious plays if people look for that all important yield right now? >> well, first of all, i would focus anywhere but the patriot. what i mean, by that is anything but the sp500 and the dow. go down the scale, go into mid caps, global reits. on the bond side, high yield, global bond, and if you want true diversify -- diversification, go to the frontier markets, not just the portfolio, but that's where u.s. corporations go. liz: why? vietnam, the latin american nations, what are the less obvious sort of frontier markets? >> peru has the third largest copper mine in the world,
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indonesia recently is 250 million people, recently had its credit rating increased. vietnam, high-tech, low labor costs. liz: okay. >> and turkey. liz: the ishare names out here because, for example, there's a copper ishares. you're looking at this why? i mean, where's the real opportunity when it comes to copper? it's the big play as far as metals are concerned. >> there's a whiff the commodity deflation, but peru is a good place for industrial companies from the u.s. to go there to help with their copper mining, and the, really, the biggest beneficiary of the double digit economic growth have been u.s. corporations. that's where we see the growth come from. liz: all in, but below the s&p 500, go 500 and then up. you talk russell and mid cap names. doug, great to see you, thank you so much. >> thank you, liz.
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liz, ng chief investment market strategist is all in, but in specific hours. closing bell rings in a few seconds. if you grabbed a coffee, you might have missed it. the markets making a big comeback here. you cannot afford to go anywhere. you got to see the closing bell. we'll be right back to tell you where your money is. ♪
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♪ [ male announcer ] when the world moves... futures move first. learn futures from expeenced pros with dedicated cha and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. liz: david asman joining me to witness a decent rally here happen david: not bad, yeah, flirted with the downside a couple times, looks to be following nasdaq, and now they are pulled up by the dow. liz: nicole on the floor in the action. nicole, setting for earnings from tech giant, cisco, a bell weather in many cases. how's that looking ahead? >> right. the networking giant based in san jose, california, down
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slightly, but a winner year to date, but, obviously, key technology. waiting for after the bell. david: why nasdaq was kicked hard, apple is taking it on the chin of. word now funds kicked it out of the it was down twenty bucks at one point. >> yet another fund manager jumping out or trimming holdings in apple, and that's what we saw, down 40% from the highs seen of 7 #05 and it's down over 3% in the 4 # 29 range. liz: i have to see the last price here for google, look at this 915 dollars for google. they've got their big conference today out there. they are launching their music attempt to take on certainly itunes. this is an amazing story today. >> an amazing story. when you look at the chart and the, you know, the 80-something dollar ipo approaching a thousand bucks. there's a price target today of
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996 dollars, so they think there's upside potential. david: again, airlines doing well. sectors doing well today. liz: bells ringing on wall street, a head fake in the last hour and a half where looked like stocks were turning negative, but the dow jones industrials kicks out a significant gain of another 58 points, and nasdaq and russell 2,000 which was negative in the 2 p.m. eastern hour posted gains here. transports higher. lots of all-time highs today. david: good green day unless you look at gold, and them we're going to start with gold in the front page headlines. gold crumb led today ending at the lowest level in about a month as the u.s. dollar strengthened, money gushed out of gold exchange traded funds. gold settled down 28.30 at 13 # 96 an ounce. selling in the commodity pits was not just limited to gold.